Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Elecsys Corp. (ESYS), a filing with the SEC revealed that on Monday, Director George Semb purchased 12,000 shares of ESYS, for a cost of $11.97 each, for a total investment of $143,690. So far Semb is in the green, up about 13.2% on their purchase based on today's trading high of $13.56. Elecsys Corp. is trading off about 4.5% on the day Thursday. This purchase marks the first one filed by Semb in the past year.
And at Callon Petroleum (NYSE:CPE), there was insider buying on Monday, by Senior VP - Operations Gary Newberry who bought 14,616 shares for a cost of $8.30 each, for a trade totaling $121,313. This buy marks the first one filed by Newberry in the past twelve months. Callon Petroleum is trading up about 2.2% on the day Thursday. Newberry was up about 6.9% on the buy at the high point of today's trading session, with CPE trading as high as $8.87 at last check today.
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